EQNR’s Q3 results came in on the weak side, and the reduced MMP guidance leads to a ~5% estimate cut to our 2026 EPS. Still, we see several reasons to upgrade: i) Weak performance vs peers, regardless of whether measured on a 1-, 2- and 3- year horizon, ii) the reduction in next year’s buybacks is likely to a large extent priced in, as evidenced by quite modest reactions seen in peers when cuts in buybacks have been announced, iii) attractive valuation (trading at ~9x 2026/27 EPS at USD 65/bbl B ....